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Middle River shopping center sold for $5.2 million

Miramar Plaza Shopping Center in Middle River has been sold for $5.2 million, announced Greysteel Co. LLC, which brokered the deal.

The 37,400-square-foot center located at 901-915 Middle River Road in Baltimore County is 92 percent leased with tenants including a drive-through Dunkin Donuts.

Greysteel represented the seller Vanguard Equities and found the buyer, Aasan Investment LLC.

"'Bread and butter' centers like Miramar planted in dense infill locations are drawing strong competition from investors," said Gil Neuman, the Greysteel managing director who handled the sale. "They offer high occupancy, built-in growth and diversification of risk through multiple smaller tenants at replaceable low rents that were 'marked to market' from inflated pre-recession days with now nowhere to go but up."

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